Negotiations over property division sometimes become heated in California divorce cases due to the state's community property laws, and this can be especially true if one of the parties wishes to remain in the family home while the other wants to sell. The emotional ties that couples form with the houses in which they have raised a family can add an additional layer of complexity to these talks, and a diplomatic approach may be advisable for people who hope for a speedy settlement agreement.
Individuals in California who are divorcing might be concerned about keeping their family home. If they go before a judge for property division, they might not be happy with the outcome. A judge might force the sale of the home and have the couple split the proceeds.
California residents looking to buy a home with a partner may benefit from treating it like any other business relationship. This may be true regardless of how close a couple may feel to each other. While dividing assets in a divorce can present its own challenges, trying to untangle finances when a couple is just cohabiting can be even more complicated.
For many California divorcing couples, facing the future may seem scary. This is particularly true if one spouse handled all the couple's financial affairs, or if both spouses had a lot of debt.
California residents have likely heard that half of all marriages end in divorce, but the reason the rate could be so high is because of one age group in particular. It has stabilized or gone down in many areas, but older couples see an increase in divorces.
Many California couples whose marriages are coming to an end own a home together. Deciding how to handle it is very important, as it may be the largest asset they own, and it may also be difficult for one party to be able to afford to remain living in it alone after the divorce is finalized.
On average, a divorce can cost up to $20,000 in professional fees and court costs. This is a lot of money for most people, which means it is important to find ways to reduce or keep the cost in check. One way is to work in good faith to resolve the case in an expeditious manner.
When California residents are thinking about ending their marriage, one of the first things they should do is see a financial adviser. Such a professional may help them to understand the whole picture of their finances so that they don't end up making costly mistakes after they file for and get a divorce.
When people decide to get divorced, they often think that the first, and for many the only, thing they need to do is hire a lawyer to represent them. And while a lawyer can definitely help to guide divorcing spouses, California residents should also take note that learning about their financial situation, and hiring a financial adviser, if needed, might be just as important when beginning the divorce process.
When a couple gets divorced, their top priorities may be related to child custody and alimony. However, those who are going through a divorce should not forget about potential tax issues related to their split. In some cases, it may be necessary to determine who gets to claim a child on a tax return or how to account for property transfers.